[%jWlE%] 
Research by PB
Neutral - TP of RM0.55

"Revenue Driven By Bangsar Hill Park"

Sunsuria Berhad (Sunsuria) started FY24 with 1Q net profit of RM1.7m (+57.7%  YoY, +38.0% QoQ) mainly due to higher billings from its on-going residential  projects of Tower A, D, and E of Bangsar Hill Park, along with the integrated mixed development of Sunsuria Forum 2 in Setia Alam. The Group’s 1QFY24 performance lags our expectations as the contribution from its subsidiary, i.e. Bangsar Hill Park  Sdn Bhd (51%-owned currently but to be raised to 84% by 1HCY24) came in higher  than expected, with its minority interests therefore rising more than 6x to RM6.4m.  As such we revise our billing assumptions and cut FY24/FY25/FY26 earnings  estimates by 45%/18%/18%. Elsewhere, the Group sold about RM114.3m of  properties in 1QFY24 driven by contribution from completed projects, ongoing  developments, and new launches. It launched Talisa, the second phase of its  Bangsar Hill Park with development commencing recently. Unbilled sales as of 31  December 2023 reached RM889.5m. All told, we maintain our Neutral call and TP  of RM0.55, at a discount of c.0.5x to book value, pegged on par with sector average  currently.  

Analyst(s):
Tan Siang Hing 
[%fsDB%]

$KLSE-SUNSURIA 
Research by PB
Neutral - TP of RM0.55

"Revenue Driven By Bangsar Hill Park"

Sunsuria Berhad (Sunsuria) started FY24 with 1Q net profit of RM1.7m (+57.7%  YoY, +38.0% QoQ) mainly due to higher billings from its on-going residential  projects of Tower A, D, and E of Bangsar Hill Park, along with the integrated mixed development of Sunsuria Forum 2 in Setia Alam. The Group’s 1QFY24 performance lags our expectations as the contribution from its subsidiary, i.e. Bangsar Hill Park  Sdn Bhd (51%-owned currently but to be raised to 84% by 1HCY24) came in higher  than expected, with its minority interests therefore rising more than 6x to RM6.4m.  As such we revise our billing assumptions and cut FY24/FY25/FY26 earnings  estimates by 45%/18%/18%. Elsewhere, the Group sold about RM114.3m of  properties in 1QFY24 driven by contribution from completed projects, ongoing  developments, and new launches. It launched Talisa, the second phase of its  Bangsar Hill Park with development commencing recently. Unbilled sales as of 31  December 2023 reached RM889.5m. All told, we maintain our Neutral call and TP  of RM0.55, at a discount of c.0.5x to book value, pegged on par with sector average  currently.  

Analyst(s):
Tan Siang Hing 
research@publicinvestbank.com.my